Third Party Opinion: Full Throttle, Fewer Spreads
Monday Macro View: The Diverging Paths of U.S. Shale Operators
U.S. frac activity is recovering, but not every operator is following the same trajectory. Some are expanding aggressively, while others are reshaping their portfolios or concentrating activity in selected basins. Who is driving the recovery, and which operators could sustain their momentum into 2027? Read this week's Monday Macro View*.
Free Read: Hormuz Is Open. Why Is Diesel Still So Expensive?
Middle East crude exports have recovered to approximately 18.5 million barrels per day, exceeding pre-war levels. Yet refined-product shipments through Hormuz remain 81% below pre-war volumes, while refinery disruptions, export restrictions and depleted inventories continue to squeeze diesel supplies. If crude is flowing again, why are fuel markets still struggling to recover? Read the full analysis.
Market Sentiment Tracker: The Soft Landing Is Getting Harder to Read
Economic activity appears resilient, yet employment, industrial demand and inflation are telling conflicting stories. The U.S. services sector continues to expand, while Europe's industrial outlook is becoming increasingly uncertain. Are headline indicators overstating the strength of the global recovery? Read this week's Market Sentiment Tracker*.
The Operator Story: County-Level Concentration and Shifting Leadership
The biggest shale operators are not necessarily the ones expanding fastest. Leadership is changing across several important producing counties, revealing shifts that national activity figures cannot capture. Which operators are gaining ground, and where might oilfield service demand move next? Read the operator analysis*.
U.S. Capex Cuts Are Fading, Yet Producers Are Not Chasing Growth
Oil prices have strengthened, and completion activity is recovering. Yet producers remain reluctant to commit to another major spending cycle. How are companies increasing activity without proportionate capital investment, and what happens when existing well inventories begin to tighten? Read the full analysis*.
The Shrinking Buffer: How Does a Barrel Move Through the SPR?
The Strategic Petroleum Reserve can begin delivering crude within 13 days, with maximum drawdown capacity of 4.4 million barrels per day. But replenishment is slower, and America's shale production does not necessarily match the crude grades the reserve needs. Could refilling the SPR prove more difficult than releasing it? Read The Shrinking Buffer part 3.
Third Party Opinion Webinar: Full Throttle, Fewer Spreads
On October 15, Primary Vision introduces its Frac Efficiency Index (FEI) and explores whether greater completion efficiency can sustain production growth with fewer active spreads. View the agenda and access options.
From operator-level shifts to county-level completion trends, EFRACS tracks where U.S. shale activity is changing before those changes appear in production.
If You’re Still Relying on Lagging Data, You’re Already Behind. EFRACS shows where activity is moving before production reacts.
Get Access to EFRACS: efracs.com